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<p>This study examines how ownership structure influences carbon emissions among Chinese High and New Technology Enterprises(CHNTEs), while considering the mediating role of technological innovation and the moderating effects of ownership structure and industry competition. Using panel data comprising 27,146 firm-year observations from 2010 to 2023, the analysis employs fixed-effects and mediation models to uncover the governance-emission nexus. The results reveal that higher ownership concentration measured by the shareholding ratios of the largest shareholder, direct controlling shareholder, and actual controller significantly increases corporate CO₂ emissions. Technological innovation exhibits a paradoxical mediating effect: although concentrated ownership promotes innovation, the resulting productivity gains and production expansion engender a “rebound effect” that elevates emissions. Heterogeneity tests show attenuated effects in state-owned enterprises due to regulatory oversight, while private and foreign-owned firms display stronger positive associations. Moreover, competitive industries amplify the ownership-emission link, whereas monopolistic sectors remain less responsive due to inertial governance dynamics. These findings challenge linear assumptions in agency theory by illustrating the complex interplay between corporate governance, innovation, and environmental outcomes in emerging markets. From the perspective of climate change mitigation, the results underscore the need for integrated policy approaches: strengthening carbon disclosure obligations for dominant shareholders, aligning innovation incentives with low-carbon transitions, and tailoring regulatory frameworks to ownership types and competitive conditions. By addressing the governance roots of corporate emissions, this study contributes to the broader discourse on aligning firm-level behavior with national and global decarbonization goals.</p>

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Climate Change and the Governance-Emission Nexus: Ownership Structure, Innovation Rebound, and CO₂ Emissions in Chinese High and New Technology Enterprises

  • 期刊论文

  • 发表日期：

    2026年3月26日

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  • Zhou Mi

摘要

This study examines how ownership structure influences carbon emissions among Chinese High and New Technology Enterprises(CHNTEs), while considering the mediating role of technological innovation and the moderating effects of ownership structure and industry competition. Using panel data comprising 27,146 firm-year observations from 2010 to 2023, the analysis employs fixed-effects and mediation models to uncover the governance-emission nexus. The results reveal that higher ownership concentration measured by the shareholding ratios of the largest shareholder, direct controlling shareholder, and actual controller significantly increases corporate CO₂ emissions. Technological innovation exhibits a paradoxical mediating effect: although concentrated ownership promotes innovation, the resulting productivity gains and production expansion engender a “rebound effect” that elevates emissions. Heterogeneity tests show attenuated effects in state-owned enterprises due to regulatory oversight, while private and foreign-owned firms display stronger positive associations. Moreover, competitive industries amplify the ownership-emission link, whereas monopolistic sectors remain less responsive due to inertial governance dynamics. These findings challenge linear assumptions in agency theory by illustrating the complex interplay between corporate governance, innovation, and environmental outcomes in emerging markets. From the perspective of climate change mitigation, the results underscore the need for integrated policy approaches: strengthening carbon disclosure obligations for dominant shareholders, aligning innovation incentives with low-carbon transitions, and tailoring regulatory frameworks to ownership types and competitive conditions. By addressing the governance roots of corporate emissions, this study contributes to the broader discourse on aligning firm-level behavior with national and global decarbonization goals.